Shiba Inu is attracting a lot of attention in the cryptocurrency market, with technical indicators and on-chain data suggesting a potential price explosion that could see the coin itself skyrocket by over 230%. This bullish outlook, fueled by a compelling price prediction from a prominent crypto analyst and increased whale activity, has made Shiba Inu price prediction after a bullish continuation a dominant topic among investors and traders.
Crypto analyst Javon Marks, known as (@JavonTM1 on Marks, who used to analyze cryptocurrency market trends, based this projection on an upward continuation trend identified in the SHIB study. technical sheet. This trend, often observed after a period of price consolidation, suggests that SHIB may have been on the cusp of a major upward move.
Shiba Inu Bullish Continuation Pattern Signals Growth
“A 3.33+ fold increase in a 234%+ rise for Shiba is possible…,” Marks said in his report. jobhighlighting the potential for substantial gains. The analyst’s chart illustrates a previous instance where SHIB broke out of a similar formation, leading to a sharp price increase.
He believed the current pattern reflected this earlier scenario, indicating that SHIB might have been poised for another substantial rally. Although past performance is no guarantee of future results, the recurrence of this trend has added weight to the bullish outlook. The $0.000081 target, if achieved, would have represented a significant milestone for the meme coin, potentially attracting additional investment and strengthening its market position.
Whale activity correlates with price movements and sentiment data suggests accumulation
Data from on-chain analytics firm Santiment provided further evidence supporting the bullish narrative. According to his December 2024 analysis, there was a strong correlation between Shiba Inu whale activity and price. movements.
Historically, spikes in large transactions (those exceeding $100,000) have often preceded significant price increases. This trend suggests that large holders, often referred to as “whales,” have had considerable influence on the price trajectory of SHIB.
Recent santiment data revealed a marked increase in whale transactions, particularly visible on December 1 and 9. This increase in activity indicates that whales were actively trading SHIB, potentially hoarding the coin in anticipation of a price rise.
The accumulation of SHIB by large holders could have been interpreted as a bullish signal, as it often reflected confidence in the future appreciation of the asset. Additionally, increased whale activity could impact market liquidity and contribute to price volatility, potentially amplifying upward price movements.
Shiba Inu Price Action
As of 1:25 a.m. ET on Thursday, Shiba Inu was experiencing a slowdown, trading at $0.00002228. Despite a strong 24-hour trading volume of $534.29 million, the meme coin faced downward pressure, reflecting a 4.23% decline over the past day.
This short-term decline contributes to a broader downtrend seen over the past week and month, with SHIB down 7.83% over seven days and 11.48% over the past month. Further data from CoinMarketCap reveals that the current circulating supply of Shiba Inu stands at 589.25 trillion SHIB.
This substantial supply contributes to a market capitalization of $13.14 billion, positioning SHIB as a significant player in the cryptocurrency market despite recent price corrections. The current market capitalization suggests that even though SHIB has experienced a price decline, it still maintains considerable investor presence and interest, as indicated by the high trading volume.
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media outlet and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult a qualified financial advisor before making any investment decisions.
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